Ann: Quarterly Activities and Cashflow Report, page-15

Hey Dan,

again, appreciate your thoughts and I appreciate your pointing out about Grieve, I was going from what I thought I read versus the text itself. By years end, Grieve will indeed be making a much bigger contribution to ELKs profitability, then couple that with the planned refinancing and 2019 will be a big year, albeit, the big challenge for now is that with those 435m shares that were placed at $0.062 back in 2017, they are a huge number and is also what held me back. Once reality of ELKs current situation, which you explained perfectly changes, then without doubt the market will have to take interest, but... until then. I am not surprised at the fall in the share price.

I hope I am not coming across as a downramper, I just feel that the SP will indeed go all the way back to the capital raising price, not sure for how long and at that price, I might be more willing to start nibbling. We will see of course.

I agree with you about Brad, he has a master plan and in all likelihood, will pull it off, but... in the short to medium term I feel the SP is going to struggle.

@striebs - Agree with you about a higher oil price over the longer term, but.. for now, ELK is majority hedged and even then its Madden production is gas, which is very low priced and hence, while the big 850k per quarter barrels equivalent looks big, you almost have to ignore 300k of it due to Madden having so little profit in it. Grieve will slowly make a bigger contribution, but... not until late/early next year.

ELK is almost like a shale stock, lots of production, but... no profitability... of course, this will change unlike its shaley peers.